23 FEBRUARY 2007

NEW ZEALAND GAZETTE, No. 21

421

“Non-Bank Connected Person” has the same meaning as in the Conditions of Registration.

“NZ IAS” means a New Zealand International Accounting Standard approved by the Accounting Standards Review Board as an Approved Financial Reporting Standard.

“NZ IFRS” means a New Zealand International Financial Reporting Standard approved by the Accounting Standards Review Board as an Approved Financial Reporting Standard.

“OECD Government” means the central government of any of the countries specified in the list of OECD countries contained in Appendix One to the Reserve Bank document entitled Capital Adequacy Framework (BS2), as amended from time to time.

“Other Asset Acquired Through the Enforcement of Security” has the same meaning as in FRS-33, as amended from time to time.

“Other Asset Under Administration” means any Credit Exposure which is not an Impaired Asset or a Past Due Asset, but which is to a Counterparty:

(a) who is in receivership, liquidation, bankruptcy, statutory management or any form of administration in New Zealand; or

(b) who is in any other equivalent form of voluntary or involuntary administration in an overseas jurisdiction.

“Other Security” has the same meaning as in FRS-33, as amended from time to time.

“Overseas Bank” means a financial institution incorporated outside New Zealand which has been authorised, registered, or licensed as a bank in its country of domicile by the appropriate banking supervisory authority.

“Overseas Banking Group” means an Overseas Bank and all other entities included in the group for the purposes of public reporting of group financial statements in the country of domicile of the Overseas Bank.

“Past Due Asset” means any Credit Exposure which has not been operated by the Counterparty within its key terms for at least 90 days and which is not an Impaired Asset, and for the sake of clarity, includes an asset for which, in relation to the contracted terms, conditions, or limits which applied to the asset immediately before non-performance commenced:

(a) any payment of principal, interest, or other forms of monies owing is overdue, or has not been paid in accordance with the asset’s terms and conditions, for at least 90 days; or

(b) amounts owing under revolving facilities have been continuously outside of limits for at least 90 days.

“Premises” means any staffed premises of the Registered Bank or an agency of the Registered Bank to which the Registered Bank’s customers or potential customers have access in order to conduct banking business.

“Publication Date”, in respect of a Disclosure Statement, means the date the Disclosure Statement is Published in accordance with clause 3 of this Order.

“Publish” includes distribute, make available and disseminate.

“Rate Insensitive Retail Assets” means that amount of the Financial Assets held by the Banking Group which the Registered Bank reasonably believes is unlikely to be diminished or increased as a result of a Material change in market interest rates if the interest rate applicable to that Financial Asset (which may be zero) does not change or does not change Materially.

“Rate Insensitive Retail Liabilities” means that amount of the Financial Liabilities held by the Banking Group which the Registered Bank reasonably believes is unlikely to be diminished or increased as a result of a Material change in market interest rates if the interest rate applicable to that Financial Liability (which may be zero) does not change or does not change Materially.

“Rate Insensitive Retail Product” means either or both of a Rate Insensitive Retail Asset or a Rate Insensitive Retail Liability.

“Real Estate Asset Acquired Through the Enforcement of Security” has the same meaning as in FRS-33, as amended from time to time.

“Register” means the register of Registered Banks maintained pursuant to section 69 of the Act.

“Registered Bank” means an entity which is entered on the Register.

“Responsible Person” means a person authorised in writing by a Director to sign the Disclosure Statement in accordance with section 82 of the Act.

“Restructured Asset” means any Credit Exposure which is not a Non-Accrual Asset and for which:

(a) the original terms have been changed to grant the Counterparty a concession that would not otherwise have been available, due to the Counterparty’s difficulties in complying with the original terms;

(b) the revised terms of the facility are not comparable with the terms of new facilities with comparable risks; and

(c) the yield on the asset following restructuring is equal to, or greater than, the average cost of funds of the Registered Bank or a member of the Banking Group, or that a loss is not otherwise expected to be incurred.

“Specific Provision” has the same meaning as in FRS-33, as amended from time to time.

“Subsidiary” means a subsidiary within the meaning of sections 5 to 8 of the Companies Act 1993.

“Supplemental Disclosure Statement” means that part of a Disclosure Statement which contains the information prescribed in Part V of this Order.

“Tier One Capital” in relation to:

(a) an Overseas Bank or Overseas Banking Group, means the amount of tier one capital held by the Overseas Bank or Overseas Banking Group determined in accordance with the requirements of the authority having the power to impose minimum Capital requirements on that Overseas Bank or Overseas Banking Group in its country of domicile;

(b) a Banking Group, means the amount of tier one capital held by the Banking Group, determined in accordance with the Conditions of Registration;